Hoare Govett records £80m profit

By

Margareta Pagano

March 5, 2001 5:00 pm GMT

Hoare Govett, the UK corporate broking arm of ABN Amro, made a profit of around £80m (&euro127m) before paying out bonuses last year on the back of a spectacular flow of new issues and a high volume of trading by its clients.

The corporate broker, ranked second in the UK after Cazenove by the number of clients, is thought to have made profit levels nearly double its target budget. Hoare Govett, run by Peter Meinertzhagen, employs just 70 people. Many of the top producers were paid substantially improved bonuses to reflect...